Economic Overview The economy of Cambodia is expected to grow by 6.7% in 2013 and 7% in 2014. The forecast is based on the expected increases in agriculture, foreign direct investments in garment sector and a growing tourism industry. Regarding property sector, investments in construction grew by 123% with a total of US$1.94 billion during the first half of 2013, up from US$870 in the same period last year. There have been 571 construction companies in operations in Cambodia. The government approved $2.1 billion of construction projects in 2012, while it was only $1.2 billion in 2011. Experts are optimistic towards real estate market by the coming years, though they agree the stagnancy prior to, in time of, and post-national election.

1. VTRUST Quarterly
There’re more inside...
 Inadequate infrastructure relates to construction stagnancy
 Cambodian engineers to reach ASEAN standard’s requirements
 Property market reviews - third quarter of 2013
 Prominent quotes from prominent real estate leaders
 And much more...
Feature:
Three Principles to Lucrative
Property Investments
Chrek Soknim
Deputy director, Vtrust Property
Co. Ltd
1 July- 30 September, 2013 Volume 1, Issue 3

2. comes, and the change of urban popula-
tion’s lifestyle towards shopping habits
that creates a new preference of shop-
ping in enclosed malls,” said Chrek Sok-
nim, deputy director at Vtrust Property
Co. Ltd, a local property management
and consulting firm.
The projects that contribute to the in-
crease of retail supply are Japan’s AE-
ON shopping complex near Russian em-
bassy, Malaysia’s Parkson shopping cen-
ter set to open next year, and an under-
ground mall at Naga World, known as
“City Walk” planned for opening next
year.
The CBRE’s report showed that many
mid-range brands, especially foods and
beverages, entered the market in the
previous 12 months. Costa Coffee, Tous
Les Jours and Burger King are among
the most notable entrants.
However, the standalone retail outlets
are also willing to release its well-known
existing brands within the shopping cen-
ters to catch up with rising number of
middle-high-income consumers. Accord-
ing to the CBRE’s report, the cumulative
demand for high-class and luxury prod-
ucts and (Continue on page 6)
By Sam Sopanharith
Ahabit of shopping has remarkably
changed since the last five years,
leading to a high demand on enclosed
retail supermarkets and complex shopping
centers that appeal the Capital’s middle-
class and high-end consumers.
Space for retail market then has in-
creased and a cross supply is projected
to reach over 500,000 square meters by
2016, when the current space in service
is only 86,000 square meters, according
to a CBRE’s report on retail market sup-
ply issued in July.
“The coming of mega shopping com-
plex marks a growth of the retail indus-
try, the increase of the population’s in-
Space for shopping complex set to increase
pending for the completion of the second
Chroy Changvar Bridge.
Besides, property developers seek
higher land for their projects, hoping to
keep them away from the flood because
scratchy trash pick-up services and the
pile of the rubbish on the side street and
crowd pathways with the city’s old, dete-
riorated and insufficient drainage system
results in flooded street in many areas
after having a downpour.
Source: Construction & Property Magazine
Briefing by Sam Sopanharith
Inadequate infrastructure is said to ham-
per Phnom Penh’s desired economic
growth and 2 million livelihoods, especial-
ly in construction and property sector, as
the city ineffective waste management,
lack of parking lots, frequent traffic con-
gestion and pothole-ridden street cause
foreign investors to pause and think over
the launching of their construction project
in a certain area, say experts.
A study by JICA finds that the Capi-
tal’s traffic situation has already affect-
ed on quality of lives as well as econom-
ic development. Some construction pro-
jects have experienced a delay, exam-
ple of which is the new five-star Phnom
Penh Sokha Hotel that is said to be
Inadequate infrastructure relates to construction stagnancy
VTRUST Quarterly | Volume 1, Issue 3 Page 2REAL ESTATE
Soriya Shopping Center is one among the popular shopping malls in Phnom Penh.

3. South Korea’s Booyoung to build US$1.1 Billion “Town” in Phnom Penh
Real estate experts say office rental
growth in Phnom Penh increased 10% to
15% by the end of 2012. And the office
market itself is slated for 27% increase
in supply next year.
“Office rents in the Capital is increas-
ing gradually after the crisis,” said Chrek
Soknim, deputy director at VTrust Prop-
erty Co. Ltd.
Soknim indicates that Grade “B” of-
fice, usually priced at $8 to $12 per sq
meter, is most popular with guests from
Asian countries. European guests prefer
Grade “A” office whose price is $12 per
sq meter. Local companies afford the
lowest priced office with Grade “C”.
The Post reported that the demand on
office space is more than the supply, but
it doesn’t affect the price of 2012 when
compared to that of 2011.
VTrust’s Soknim is optimistic that Cam-
bodia will reap the advantages from its
and a part of Southern Economic Corri-
dor that will improve traffic flow, stimu-
late economic growth and drive more
activities, said Japanese ambassador
Kumamaru.
Source: Construction & Property Magazine
Briefing by Sam Sopanharith
Cambodian Foreign Minister Hor
Namhong and Japan’s ambassador
to Cambodia Juri Kumamaru on April 30
signed the agreement on a US$90 mil-
lion Japanese loan to renovate a 47-
kilometer stretch of National Road 5 be-
tween Battambang and Serey Sophorn,
widening it in a two-bypass roadway to
stop traffic congestion on the main road.
The project is scheduled to kick off its
construction phase in June 2015 and will
be finished in 2018.
The road is a critical route in Cambo-
dia and in the larger ASEAN network,
Booyoung Country Club, and Camintel,
an internet and telecom company in the
country. Besides, South Korean investment
in Cambodia has approached to US$4
billion over the past 15 years, said Im
Chhun Lem, Minister of Land manage-
ment, Urbanization and Construction.
Source: Construction & Property Magazine
Briefing by Sam Sopanharith
The South Korea’s 19th-largest con-
glomerate Booyoung Group will con-
struct a largest-ever US$1.1 billion com-
mercial and residential center on 27 sq
km of land, known as Booyoung Town I
along Russian Boulevard in Phnom Penh,
a Booyoung official said during the
groundbreaking ceremony on May 7. He
added that Booyoung Town I will consist
of 40 apartments, seven residential and
commercial complexes, sport centers, and
school, and target middle- to upper-class
Cambodians and foreigners.
Among its businesses in Cambodia, the
group has run Booyoung Khmer Bank
since 2008, newly-opened Siem Reap’s
Cambodia receives US$90 million Japanese loan for road project
VTRUST Quarterly | Volume 1, Issue 3 Page 3BRIEFINGS
Cambodian workers and 253 Chinese
engineers during construction phase.
Besides, the second chance of the fac-
tory will bless for the locals to in-
crease local employment and reduce
migration, said Kampot Governor
Khouy Khunhour.
Source: Construction & Property Magazine
Briefing by Sam Sopanharith
After it was first built in 1962 and
shut closed during civil war in
1970s Cambodia’s first Chakrey Ting
Cement Factory Co., Ltd is under con-
struction on 42 hectares in Toukmeas dis-
trict, Kampot province and set to re-
launch in April 2014 with a capital in-
vestment of around US$100 million, com-
posed of a joint investment from China’s
Urec Overseas Investment, Thailand’s LVT
and Cambodia’s Cement Construction
Resource and a loan from China’s bank.
The largest cement manufacturer will
be able to produce up to 3,200 tons of
cement per day or 1.1 million tons per
day to top up around 3 million tons per
year to meet Cambodian demand,
and now it employs more than 400
Kingdom’s first cement company set to re-launch
bers, including a wide variety of Cambo-
dian and international firms related to
the construction sector and joined the
ASEAN Constructors Federation (ACF) in
2011.
Source: Construction & Property Magazine
Briefing by Sam Sopanharith
The Minister of Land Management Im
Chhun Lem and Cambodia Construc-
tors Association (CCA) Chairman Pung
Kheav Se signed the Memorandum of
Understanding as the public-private sec-
tor partnership on May 29 to boost the
nation’s booming construction sector via
bilateral assistance by enabling the in-
formation sharing on material quality,
construction equipment, and the labor
market, to name a few, and to ensure the
safety of building and their surroundings,
overalls quality and so on, while many
issues should be done when Cambodia
are adjacent to ASEAN Integration, such
as matters related to regulation, urban
safety, and safety at construction site.
Established in 2011, CCA has 30 mem-
CCA, the gov’t ink deal to boost construction sector

4. Three Principles to Lucrative Property Investments
mended to outsource their operations, marketing and man-
agement to any trusted property management agencies in
order to spare more time and focus on other construction
projects. Profits from the leasing can be good enough to
secure and settle bank loans for the other ongoing construc-
tion projects.
Last but not least, it is important to manage cashflow ef-
fectively in order to stay well in business. For five years ago,
most people were so greedy and tended to have no pa-
tience at all when it comes to buying and selling real estate
and properties. Real estate bubbles made a handful of peo-
ple wealthy but most ended up with cashflow crises. Price
hikes of land drew hundreds of million US dollars from im-
patient buyers and froze that money without creating any
economic activities and values. As a result, this trend badly
affected the country’s economy as a whole. From that lesson,
before developing a property, it is recommended to study
the demand, economic value that the property creates for
the tenant and its vacant period in order to ensure a smooth
clashflow that eases a bank loan settlement and other ongo-
ing project spending.
Contributed by Chrek Soknim
Worded by Hoem Seiha
The first principle of property development is location. This
should stress more on location suitability for what type of
property projects should be profitable. For a retail mart construc-
tion project, for instance, it is recommended to study the demogra-
phy and population size of the location to determine the number
of potential consumers and their buying and consuming behaviors,
including competitors around that location. Shop owners who do
not have their own buildings for retail marts always look for ones
that suit their purposes.
After a study on the location, it is necessary to study RoI (Return
of Investment) of the investment project of the construction. It is
generally recommended to consider the whole costs of construction,
its materials and price of land. Then a projection of the profit gen-
erated from the use of the building for a fixed period of time has
to be made. The projected profit has to be compared to the peri-
odic bank interest pay in order to analyze whether the profit out-
strips the pay from the bank interest. For a good return, the pro-
jected profits should at least triple the bank interest pay. If the
profit from the use of the building is the same or just a little higher
than the bank interest, it is not recommended to invest in that con-
struction project, since depositing that money in the bank for an
interest pay sounds far better and costs no effort.
The last principle is the operation and management of the prop-
erties that have to be considered by property owners who are
considering a construction project investment. For inexperienced
property investors, they are recommended to consider leasing the
building to a trusted outsider who is willing to take over the build-
ing and manage it as his own business such as a retail store,
school, or serviced office building or apartment.
Even if self-management of the building is sometimes beneficial,
improper management and marketing can lead to an unfavorable
result. For small-scale property investment project such as residen-
tial serviced apartment and office buildings, owners are recom-
VTRUST Quarterly | Volume 1, Issue 3 Page 4
Investing in property business has a lot to do with skills and
firm knowledge about real estate market and financial
matters. Bitter experiences from the last several years of
real estate bubbles made novice informal property agents
more cautious when it comes to putting their money into
that venture. Nevertheless, there are still many people
eagerly jumping into property development projects de-
spite their lack of ideas of real estate and property invest-
ments. To provide strategic approaches to lucrative prop-
erty development, Chrek Soknim, Vtrust Property’s deputy
director, shares principles of investing in small-scale prop-
erty development projects that promise a good return.
Mr. Chrek Soknim, deputy director, Vtrust Property Co. Ltd, in his office
PROPERTY GUIDES

5. VTRUST Quarterly | Volume 1, Issue 3 Page 5PROMINENT QUOTES
“
Prices and purchasing increased before the
election, but since this most customers have
seemed hesitant, causing the price to become
stagnant.”
“
The housing price is stagnant currently, not en-
tirely because of the election, but it is also the
arrival of the rainy season. I see that political
issues do not change remarkably and this situ-
ation has occurred many times before.”
“
This tension makes people just more careful
when it comes to huge spending, especially buy-
ing properties or releasing big investments, but as
experienced the deadlock will be soon resolved.”
—Kuy Vat, Vtrust Group’s CEO, said as talking about property market following the
post-national election, as quoted by the Post last few weeks.
—Noun Rithy, general manager at Bunna Reality Group, viewed about property pric-
es following the post-election situation as quoted by the Post last few weeks.
“
I think it has [an impact] because it has affect-
ed 50% on buying, renting and evaluating
properties, but other business activities have
been little effected.”
—Po Eavkong, managing director, Asia Real Estate Cambodia, responded to the
Post’s question: “Has the political deadlock affected investors?” as being featured in
an exclusive interview on the Post on 19 September, 2013.
—Chrek Soknim, deputy director, Vtrust Property Co. Ltd., talked about property sec-
tor following the post-election situation, as interviewed by Hang Meas TV & SEATV.

6. Space for...
services in the city is driven by a combi-
nation of positive GDP growth, a grow-
ing middle class and a young demo-
graphic population with a high disposa-
ble income.
Soknim of Vtrust said, the growth of
the retail development does not happen
by chance, but it is the boom in the glob-
alization and the transition from tradi-
tional-open-air retail market to modern-
ized shopping complex.
He added that now the number of
youths and middle-class population in
Phnom Penh is growing so fast and the
destination of business centers is also
trending to the capital city. By the next
few years, the retail space will continu-
ously be wider when some of the satel-
Cambodian engineers to
reach ASEAN standard’s
requirements
Briefing by Sam Sopanharith
The Kingdom’s engineers are believed
to be ready to overcome challenges of
reaching the so-called 2015 ASEAN en-
gineering requirements and testing for
certified ASEAN Federation of Engineer-
ing Organization.
At least 210 Cambodian engineers
are recognized for the quality, skills and
professionalism, in which three require-
ments have to be reach by having bach-
elor degree, success in BEC exam and
five-year experience in the field, and
English proficiency with technology liter-
acy, according to Secretary General of
Board of Engineers, Cambodia Prak Min.
The organization has more than 1,500
members and 300 professional engi-
neers, since its establishment in 2009.
Source: Phnom Penh Post
lite cities around the Capital are com-
plete.
Like many other developed cities in
Asia, traditional-open-air marketplaces
such as Russia Market, Olympic market,
and Orussey Market will be gradually
less popular with the urban young popu-
lation for some years to come. “But it’s
still an indispensible marketplace for
wholesale purchases,” said Soknim.
Additional reporting by Hoem Seiha
VTRUST Quarterly | Volume 1, Issue 3 Page 6BRIEFINGS
Political deadlock no impact
on Kingdom’s real estate
Real estate industry leaders say political
deadlock has no impact on real estate sec-
tor.
Cheng Kheng, president of Cambodia
Valuers and Estate Agent Association
(CVEAA), said that because of the strength
of Cambodia’s real estate market, the sec-
tor has not been affected. Furthermore,
Cambodia is still a good destination for
real estate investors due to lower land
price compared to those in other countries
in the region, and another main factor
strengthening Cambodia’s real estate mar-
ket recently is home loans from commercial
banks, especially targeted to adults who
have businesses and good job.
Source: Phnom Penh Post
Now you don’t need to travel far anymore! At Parkway Square,
you’ll enjoy your gym time immediately after work...

7. Cambodian engineers to reach ASEAN standard’s requirements
Briefing by Sam Sopanharith
The Kingdom’s engineers are believed
to be ready to overcome challenges
of reaching the so-called 2015 ASEAN
engineering requirements and testing for
certified ASEAN Federation of Engineer-
ing Organization.
At least 210 Cambodian engineers
are recognized for the quality, skills and
professionalism, in which three require-
ments have to be reached by having
bachelor degree, success in BEC exam
and five-year experience in the field,
and English proficiency with technology
literacy, according to Secretary General
of Board of Engineers, Cambodia Prak
Min.
The organization has more than 1,500
members and 300 professional engi-
neers, since its establishment in 2009.
Source: Phnom Penh Post
Disclaimer
VTRUST Property Co., Ltd. informs that the information, including figures, statistics and opinions, is that expressed by the authors
of this publication and does not reflect VTRUST’s points of view. Therefore, VTRUST does not guarantee or bear any responsibil-
ity for any failures pertaining to the information contained herein.
VTRUST Quarterly

Editor-in-Chief
Mr. Hoem Seiha
Reporters
Mr. Sam Sopanharith
Mr. Hoem Seiha
Contributors
Mr. Chrek Soknim
Designers & Photographers
Mr. Hoem Seiha
Distribution Department
Mr. Hon Mengheang
Ms. Tek Sopheavatey
Ms. Kan Kimly
Ms. Sarah Marran Garcia
Contact:
+855-12-699-553
seiha@vtrustproperty.com
Briefing by Som Sopanharith
The Kingdom’s continual economic
growth, the strong expectation of
2015 ASEAN Economic Integration, and
incoming foreign companies are be-
lieved by experts to drive local players
to upgrade their serviced office, apart-
ments to reach the international stand-
ard.
The occupancy levels of office market
are recorded at 80%, as bolstered by
Chinese and Japanese clients, CBRE’s
report said. The rental prices are aver-
agely US$15-US$20 per square meter
for luxurious office and apartments.
The office market supply will increase
by 34,000 square meters, and the rental
prices range from US$25-US$38 per
square meter after the first international
standard grade “A” space of Vattanac
Tower opens its door in the fourth quar-
ter of 2013.
Source: Phnom Penh Post
Kingdom’s space to reach international grade
VTRUST Quarterly | Volume 1, Issue 3 Page 7BRIEFINGS

8. Studio Room: $275, excluding 10%VAT
 One double bedroom, one bathroom
 Just few minutes away from German & Cuba embassies as
well as from O’Russey Market and Olympic Stadium
 Cable TV, cleaning and laundry services, Internet access,
garbage collection and parking
 Maintenance, 24h security and reception services
 Book now at 012 569 832 or mail to
vtp@vtrustproperty.com
Vtrust Apartment I - Sangkat Boeung Prolit
2 Bedrooms: $850, excluding VAT
 2 king-size bedrooms, a kitchen, a living room, 2 bathrooms
 Some-minute walk from O’Russey Market and Olympic Sta-
dium and few minute walk from German & Cuba Embassies
 Pollution-Free
 Cable TV, cleaning, Internet, parking, maintenance, 24h
security and reception services
 Book now at 012 569 832 or mail to
vtp@vtrustproperty.com
2 Bedrooms Apartment: $1,200- $1,300, ex. 10%VAT
 2 bedrooms, 2 bathrooms, living room, kitchen, dining
room, balcony and other furniture
 Located in Pasteur Street, the most preferred living area
for expatriates in Phnom Penh
 Cable TV, cleaning, Internet access, garbage collection
and parking
 Maintenance, 24h security and reception services
 Book now at 012 569 832 or mail to
vtp@vtrustproperty.com
Looking for an office?
Check our premium office centers at Parkway
Square or Vtrust Office Center (MTP)
Call at 012-569-832 or mail to
vtp@vtrustproperty.com for more information.
Vtrust Apartment IV - Pasteur Street (BKK1) for Rents
Vtrust Office - Parkway Square & Vtrust Office Center

9. 2 Bedrooms Apartment: $800 - $900, excluding
10%VAT
 2 bedrooms, 2 bathrooms, living room, kitchen and balcony
 Just few minutes away from German & Cuba embassies as
well as from O’Russey Market and Olympic Stadium
 Cable TV, cleaning and laundry services, Internet access,
garbage collection and parking
 Maintenance, 24h security and reception services
 Book now at 012 569 832 or mail to
vtp@vtrustproperty.com
Vtrust Apartment II - Sangkat Boeung Prolit
One Bedroom Apartment: $400, excluding 10%VAT
 One bedroom, one bathroom, living room and kitchen
 Riverfront apartment, crossing the Japanese bridge. Best
Tonle Sap views from a quite area
 Cable TV, cleaning and laundry services, Internet access,
garbage collection and parking
 Maintenance, 24h security and reception services
 Book now at 012 569 832 or mail to
vtp@vtrustproperty.com
2 Bedrooms Apartment: $850, excluding 10%VAT
 2 bedrooms, 2 bathrooms, living room, kitchen, dining room,
balcony and other furniture
 Riverfront apartment, crossing the Japanese bridge. Best
Tonle Sap views from a quite area
 Cable TV, cleaning and laundry services, Internet access,
garbage collection and parking
 Maintenance, 24h security and reception services
 Book now at 012 569 832 or mail to
vtp@vtrustproperty.com
Vtrust Apartment III - Chroy Changva (Riverfront)
Expression of Interest
VTRUST Property Co. Ltd. is a property management company specializing in managing ser-
viced properties for more than 6 years in Cambodia. VTRUST has taken over and managed
Parkway Square, VTRUST Office Building in Mithapheap, and 4 apartment buildings throughout
Phnom Penh. To expand our operations, VTRUST expresses an interest in partnering with prop-
erty owners who are looking for an experienced property management partner to run their
properties on their behalf. Make your inquiries to our team at 012-569-832 or
vpt@vtrustproperty.com for further information.

10. Property Market Reviews - Third Quarter of 2013
come stagnant in the third quarter of
2013, especially following the post-
election. The cost of unskilled construc-
tion labor increased from a normal
price of US$5 to US$6 per day be-
cause the post-election situation
scared some of unskilled construction
workers who hesitated to come to
Phnom Penh for their jobs.
Condominiums
Only a slight growth has been sales
of condominiums even if a number of
foreigners have come to Cambodia.
Areas in which the price of condos
grows are in Chamkarmon, but Toul
Kork experienced a steady price.
However, supply of condos has out-
stripped demand. One reason is that
local tenants are not familiar with
living in kinds of high-rise building
like condos, though it is believed to
be popular among them in the future.
Currently, it is more popular with for-
eign tenants. Experts believe condo
market will be good by the time of
ASEAN economic integration, when
foreigners come in for businesses.
Serviced Apartments
There was a slight decrease of occu-
pancy rates in serviced apartments
immediately after the national elec-
tion made late August of 2013. The
rate of the occupancy in the third
quarter of 2013 was recorded at
80%, down from an average of 90%
in the first half of 2013. The supply
of serviced apartments by the third
quarter reaches 30%, adding 15
apartment buildings consisting of 350
units to the existing 150 apartment
buildings with 3,000 units. However,
the demand is recorded at 10% to
15% the same as the same period
Property Prices
The cost of construction materials has
risen 7% as compared to the same
period in 2012. The total of US$226
million was made for the imported
construction materials of 451,000
tons in 2013. However, the cost was
only US$210 million for the imported
materials of 439,000 tons in 2012.
The cost of imported materials in-
creases every year as the construction
sector continues its way of growing.
The increased price of the construction
materials is associated with the grow-
ing number of population, which usu-
ally creates more housing need, and
the imports of the construction materi-
als become greater to satisfy that
need.
However, the price of houses has be-
Economic Overview
The economy of Cambodia is expected to grow by 6.7% in 2013 and
7% in 2014. The forecast is based on the expected increases in
agriculture, foreign direct investments in garment sector and a
growing tourism industry. Regarding property sector, investments in
construction grew by 123% with a total of US$1.94 billion during the
first half of 2013, up from US$870 in the same period last year.
There have been 571 construction companies in operations in
Cambodia. The government approved $2.1 billion of construction
projects in 2012, while it was only $1.2 billion in 2011. Experts are
optimistic towards real estate market by the coming years, though
they agree the stagnancy prior to, in time of, and post-national
election.
VTRUST Quarterly | Volume 1, Issue 3 MARKET REVIEWS

11. shopping complexes, covering space
of 86,000 square meters. Supply of
retail space is set to increase by
142% by the end of 2014 with the
launch of Aeon and Parkson Malls. By
2016, it is projected that the supply
of retail space will reach over
500,000 square meters. Phnom
Penh’s residents has started to change
from buying things in traditional open
-air marketplaces to shopping in en-
closed air-con shopping complexes
that suit multi-functional purposes.
There are currently 4 shopping com-
plexes in service, namely Soriya, So-
vanna, City Mall, and Ratana Plaza,
along with many other retail stores.
last year. However, experts believe it
will recover by the end of this year
when the political deadlock is solved.
The rental price of serviced apart-
ments remained unchanged even
though there was a decrease of occu-
pancy.
Tenants tend to rent their apartment
units in a short period, usually one to
three months, shorter if compared to
the other years when the contracts
were at least six months. The experi-
ence is said by the experts to have a
connection with the market competi-
tion and plenty of tenants’ choices
that result from a recent growth of
serviced apartments. Thanks to plenty
of choices, tenants are believed to
test the renting with short-term con-
tracts in order to experience the dif-
ferences and then choose the places
that suit their need. Experts also be-
lieve the uncertainty during the post-
election situation could make tenants
feel insecure with long-term contracts
of the renting.
Investment Projects
Investments in construction sector grew
by 123% with a total of US$1.94
billion during the first half of 2013,
up from US$870 in the same period
last year. There have been 571 con-
struction companies in operations in
Cambodia. The investments in real
estate development had declined
from US$3.1 billion in 2008 to
US$1.98 billion in 2009 and further
drop to US$840 million in 2010.
However, the sector started to in-
crease again in 2011 to US$1.2 bil-
lion and further grew to US$2.1 bil-
lion in 2012.
Top ten countries and regions invest-
ing in the real estate and construction
are South Korea, China, Britain, Thai-
land, Russia, Japan, Malaysia, China's
Taiwan, India and Vietnam.
Retail Markets
Improved lifestyle of the urban popu-
lation has strongly influenced on shop-
ping behavior that has brought about
a strong demand on modernized
Page 11 Vtrust Quarterly Volume 1, Issue 2
The only company to be
recognized by Securities
and Exchange Commission
of Cambodia (SECC) to
evaluate companies for
IPO purposes.
Contact: First floor # 113 (Parkway
Square), Mao Tse Tong, Phnom Penh.
H/p: 023-220-098; Email:
vap@vtrustappraisal.com; Website:
http://www.vtrustappraisal.com
VTRUST Quarterly | Volume 1, Issue 3
Year-over-year, housing price increases 5% to 10% based on economic value. Assumed a housing unit
is priced at $40,000, then it will be US$65,000 and US$104,000 respectively over the next 10 years.
To buy that house, a middle-working class that earns US$500 per month has to save up at least 50%
(US$250) for 13 years, but the accumulative increase of the price year-over-year will take some addi-
tional years when the income is not supposed to increase. Bank housing loan is good enough for the
leasing, but term of loan is said to be too short for most middle-working class who will pay a 10-year
installment of US$350-US$500 per month for a leasing of US$40,000 house. From my points of view,
the current housing loan does not benefit middle-working class with merely US$500 - US$700 of
monthly incomes, especially over the next 10 years when housing price is set to considerably increase.
Hoem Seiha,
Editor-in-Chief
Housing loan a far cry from what high three-digit earners could afford
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